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<br />e <br /> <br />e <br /> <br />OR~GjNAL <br /> <br />Sec. 66-148. Recapture. <br /> <br />(a) In the event that the facility is completed and begins <br />producing the product or service delineated in the agreement, but <br />subsequently discontinues producing the product or service for any <br />reason excepting fire, explosion, or other casualty or accident or <br />natural disaster for a period of one year during the abatement <br />period, then the agreement shall be terminated and the abatement of <br />taxes for the calendar year during which the facility no longer <br />produces the product or service also shall be terminated. The <br />taxes otherwise abated for the calendar year in which the facility <br />discontinued production or services specified in the agreement <br />shall be paid to the city wi thin 60 days from the date of the <br />termination of the agreement. <br /> <br />(b) Should the city determine that the company or individual <br />is in default according to the terms and conditions of the <br />agreement, the city shall notify the company or individual in <br />writing at the address stated in the agreement, and if such <br />condition of default is not cured within the 60 days from the date <br />of such notice ("cure period"), then the agreement may be <br />terminated. <br /> <br />(c) The company or individual shall be in default of the <br />agreement in the event the company or individual: <br /> <br />(1) Allows its ad valorem taxes owed the city to become <br />delinquent and fails to timely and properly follow the <br />legal procedures for their protest and/or contest; or <br /> <br />(2) Violates any of the terms and conditions of the abatement <br />agreement and fails to cure during the cure period; <br /> <br />In the event of default, the agreement may be terminated and <br />upon the termination all or a pro rata portion of the taxes <br />previously abated by virtue of the agreement shall be recaptured <br />and paid wi thin 60 days of the termination. The pro rata recapture <br />of abated taxes shall be based on the number of years that the <br />company was out of compliance and the degree to which the company <br />was out of compliance, with equal weight being given to job <br />creation and investment. <br /> <br />(d) In the event the company defaults on any of the terms and <br />conditions of the agreement, the company shall notify the city <br />within 90 days of such default. <br /> <br />(e) Notwithstanding the foregoing, the director and the city <br />attorney are hereby authorized to negotiate and recommend to the <br />city council amendments to tax abatement agreements subject to <br />termination under this section in lieu of termination. <br /> <br />Sec. 66-149. Administration. <br /> <br />(a) The chief appraiser of the county appraisal district shall <br />annually determine the value of the real and personal property <br /> <br />13 <br />